BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the market opportunity for vehicle-grid integration (VGI) technologies to be used to support grid reliability and stability, including global market forecasts for vehicle-to-grid-enabled plug-in electric vehicles (PEVs) and VGI capacity and revenue, segmented by region, through 2024.
By participating in grid-balancing services, such as frequency regulation or demand response, PEVs can accrue revenue and increase the return on investment of the vehicle to the owner. However, these vehicles also represent a significant increase in electricity demand that, if unmanaged, could cause problems with distribution-level transformers and drastically increase demand during peak hours. Click to tweet: According to a recent report from Navigant Research, worldwide VGI services revenue is expected to total $68 million from 2015 to 2024.
“Now that the market for PEVs has begun to solidify, with global sales surpassing 320,000 in 2014, pilots testing VGI technologies are emerging with greater frequency,” says Scott Shepard, research analyst with Navigant Research. “This is a key development for the VGI market because PEVs represent an increase in load that could be used to capture renewable electricity generation and help balance generation with demand, theoretically making electricity marginally cheaper and cleaner.”
The initial entrants to near-term markets for VGI are expected to be energy aggregators and major fleets, according to the report. Aggregators will include VGI-enabled fleets within energy generation portfolios to access markets with the highest returns, leveraging the capital necessary to place significant power capacities into local grid service areas.
The report, “Vehicle Grid Integration,” analyzes the market opportunity for VGI technologies to be used to support grid reliability and stability. It considers various policy factors associated with the growth of VGI, as well as significant market drivers and barriers. Global market forecasts for V2X-enabled PEVs and VGI capacity and revenue, segmented by region, extend through 2024. The report also examines the major V2G technologies and case studies and profiles key market participants. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Vehicle Grid Integration,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
